US President Donald Trump has long complained that the nation's $3 trillion trade in goods deficit - when a country's imports exceed its exports - are evidence of global partners treating the US 'unfairly.' His widescale import levies spooked American trading partners, caused a temporary free fall on the New York Stock Exchange - and could trigger a trade war with China. But what do Trump's tariffs mean for the rest of the world? In this incisive explainer, award-winning financial journalist Philip Coggan unpacks the impact of the economic policies that caused the New York Stock Exchange to freefall, spooked global trading partners, and could cause a trade war with China. A rallying cry for the importance of free and open trade, Coggan offers context for how the global market came to be, shaped the world for the better - and how we arrived at where we are now.